The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1887-11-12

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the failure of the borrower to at
tend to the renewal of the policy o
insurance at the proper time the
Secretary and Treasurer shall draw
for the amount necessary TO effecl
the renewal, which amount shall
stand charged against the stock O.
the borrower until paid, with a fine
of five per cent month for the time
it shall remain unpaid.
Sec. 4. All expense of attorneys
fees preparing, executing and re-
cording papers, examining titles
etc., shall be paid by the borrower
or deducted from the loan if grant
ed; or in case the security is found
insufficient or the title imperfect,
shall be charged against the stock
of the member for whom the ex-
pense was incurred
Sec. 5. Any borrowing member
failing to pay his monthly interest
when due shall pay thereon a fine
of five per cent month so long as
it shall remain unpaid; and if he
shall fail to pay said interest and
the monthly installments on the
shares of stock deposited by him as
collateral for period of three
months, payment of principal and
interest may be enforced by pro-
ceeding on his securities according
to law.
Sec. 6. A member paying his in
stallments or interest six months
in advance shall be allowed interest
thereon at the rate of five per cent
per annum for the average time so
paid.
SEC. 7. A member may at any
time repay his loan in full or in in
stallments of one hundred dollars
($1OO) or multiple thereof by pay
ing premium thereon of two per
cent
SEC. 8. The Board of Directors
may make such loans on the stock
of the Association as may be deem
ed advisable.
SEC. 9. When funds shall re-
main uncalled for by members not
already borrowers, the Board of Di-
rectors shall be authorized to make
additional loans to members who
have already borrowed; Provided,
always that ample additional Sc
curity shall be given to cover such
new loans. Or, the Board of Direc-
tors may use the funds thus re-
uncalled for in the pur-
chase of real estate for the Associa-
ton which they may improve and
dispose of to members as they may
deem to the best interest of the
SEC. 10. All notes taken shall be
made payable to order of the Asso-
citation and shall be negotiated
only by order of the Board of Direc-
tors upon the endorsement of the
attested by the Secre-
bary and Treasurer under the seal
If the Association.
Sec. II. This Association adopts
Is its corporate seal a circular disc
With the name of the Association
surrounding the words caldwell,
IDAHO" with the word ''seal' in
center.
ARTICLE VIII.
SECTION 1. The Association shall
erminate at any time after the ex-
,iration of one hundred months
md before ten years from the incor-
,oration thereof; when the stock
hall have reached value of two
dollars $4,000 per share,
he entire assets shall then be con-
'erted into money and the amount
distributed among the members in
to the number of shares
eld by each.
ARTICLE TX.
SECTION 1. These Bylaws may
G amended at any regular monthly
Meeting of the Board of Directors
18th the consent of five members
hereof; Provided, such amendment
hall have been submitted in writ
,g at the last monthly meeting of
le Directors.
ARTICLE Y.
SECTION /. All members of this
ssociation shall, upon becoming
lch, be required to signify their as
mt to. these Bylaws by signing the
lme and giving their Postoffice ad-
ress and such addresses shall be
,nsidered sufficient in all cases of
otification.